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…early without penalty. One new SECURE 2.0 account saving/withdrawal option, however, may actually help to begin reversing the retirement savings shortfall by changing participants’ mindsets and behaviors toward early withdrawals. Our Retirement Savings Crisis For years, studies have been substantiating a retirement savings crisis among…

…choose a different contribution percentage at any time. Many studies have noted the benefits of auto-enrollment provisions in retirement plans. Still, such provisions require some additional oversight. Plan sponsors, especially those who have adopted plans within the past two years, should be prepared to implement…

Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to…

The Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) have extensive reporting and disclosure requirements for qualified retirement plan officials. These reporting and disclosure requirements serve the important function of educating and supporting participants in their retirement planning journey,…

We knew it was coming—some type of auto enrollment and auto escalation mandate for 401(k) and 403(b) plans. Congress has long been a proponent of such automatic arrangements as they have proven they boost plan participation. The first “negative election” plans go back 25 years…

An advisor in Ohio asked: “My client suffered an accident and cannot keep employees on at his business. He was wondering if he could lay off employees over time to avoid triggering full vesting for a partial plan termination?” Here’s What We Know The IRS…